Press_information_Daikin_reports_steady_performance_EMEA_in_fiscal_year_2024
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Brussels, May 2025 – Daikin Industries, Ltd. has released its global group results for fiscal year 2024, ending 31 March 2025, and reported 28,98 billion euro turnover worldwide. Subsidiary Daikin Europe N.V. reports an annual turnover result of 5,03 billion euro for the Europe, Middle East, and Africa region (EMEA), slightly above its previous fiscal year. Daikin Europe expanded sales for various business lines based on low-carbon heat pump technology for heating, ventilation, air conditioning, and refrigeration (HVAC-R). Despite a decline in residential heat pump sales in Europe, growth was driven by commercial and industrial business lines, turnkey services, and solutions.
Residential heating and cooling solutions
Daikin is a market leader in residential low-carbon, heat pump technology-based, heating and cooling solutions in Europe. During the fiscal year 2024, the residential market experienced distinct trends influenced by a variety of economic and technological factors.
The European heat pump heating market continues to face significant challenges, primarily driven by the high electricity-to-gas price ratio which puts pressure on the affordability of air-to-water (hydronic) heat pumps1) versus traditional gas boilers in the replacement market. In regions where heating is essential, regulatory uncertainties affect consumer confidence. Sales in this segment remained below expectations, yet Daikin was able to realise market share growth in a fragmented market with many competitors.
The market for residential cooling declined across the EU due to mild summer conditions and economic challenges. Yet, Daikin increased its sales of air-to-air heat pumps (air conditioners that can operate both in cooling and low-carbon heating mode) by promoting them as a sustainable solution for all seasons. Innovative product launches, such as the Multi+ Domestic Hot Water range, which enables homeowners to heat up their domestic hot water with an air-to-air heat pump, further bolstered Daikin's competitive position. Daikin Turkey increased its sales for residential air conditioning equipment driven by summer heat waves and dealer support programmes.
Commercial and industrial segments going strong
Daikin’s broad portfolio in a variety of commercial and industrial application areas such as data centres, warehousing, hospitality, pharmaceuticals, and many more, secured a strong market position.
In the Direct Expansion (DX)2 segment Daikin saw significant growth thanks to a strong R-32 refrigerant heat pump lineup. In the past fiscal year, Daikin also continued to develop and prepare its DX commercial ranges for the next steps in environmental regulation, with novel indoor units complementing the wide R-32 VRV portfolio, and the announcement of a first series of VRV units with CO2 (R-744) refrigerant.
On the same note, Daikin’s Applied Solutions (chilled water*)2 exceeded last year’s results. In the EU, demand in the industrial markets of Germany and France remained stagnant, and several data centre projects in the Nordic countries were postponed. Yet, Daikin’s vertical market approach towards industrial and health-related applications enabled the company to secure important projects in multiple regions, further expanding its presence in these growing markets. Daikin also secured large projects in the Middle East (UAE and Saudi Arabia), contributing to record-high sales figures in those regions.
This year, the company also united its comprehensive Services & Solutions offering, including turnkey, remote monitoring and rental solutions under one single brand, Daikin 360. This business grew and contributed considerably to the vertical market results.
Growth in sustainable cold chain business
Daikin’s Cold Chain business also positively concluded the fiscal year. The hospitality sector and grocery segment experienced year-on-year growth, driven by sustained tourism in Spain, and sales actions in new channels like wholesalers in the UK, France, Italy and Germany. Discounters also invested in cold room system replacements. The transition from HFC units to new generation propane (R-290 refrigerant) systems drove sales in general.
Ready for the future
Recently, Daikin introduced several new products that consider the F-Gas regulation roll-out as well as the need to accelerate the heat pump transition in Europe. Daikin selects refrigerants to be the best fit for a specific application. Its environmental impact, energy efficiency performance, safety requirements and affordability of the finished unit are all factors in the equation. The company presented its vision for the future and its latest line-up at the 2025 edition of ISH in Frankfurt, one of the largest HVAC trade fairs in the world. Read more here
"As we showcased at Europe’s ISH, Daikin is ready to embrace the challenges ahead with our cutting-edge heat pump technology. Our commitment to innovation and sustainability positions us to lead the transition towards a carbon-neutral future. We are optimistic about the role our heat pumps will play in shaping a greener world, providing efficient and reliable solutions for homes and businesses across EMEA," says Toshitaka Tsubouchi, President of Daikin Europe.
Background information
1) Residential heat pumps: what are air-to-air and air-to-water solutions?
Heat pumps can literally pump heat from one location into another. That is exactly how they heat or cool spaces and domestic hot water. In heating mode, they offer several advantages over gas boilers, including higher energy efficiency, reduced carbon emissions, and the capability to provide both heating and cooling. They make use of thermal (caloric) energy in the air that surrounds us (a renewable energy source like solar), making them the most environmentally friendly heating solutions by default.
Air-to-air heat pumps move heat between the outside and inside air. They can heat your home by bringing heat in from outside or cool it by removing heat from inside and sending it outside. When used for cooling, they are often called "air conditioners."
Air-to-water heat pumps transfer heat to water. This water can then be used for heating your home through underfloor heating or radiators, and for providing hot water for daily use.
There are more variations in types of heat pumps. Learn more about them in this video.
2) Commercial heat pumps: direct Expansion (DX) versus chilled water solutions
In direct expansion systems, the refrigerant absorbs heat, evaporates at a low pressure to form a gas, which is then compressed to transfer heat to another source like ambient air. The term ‘expansion’ refers to how the refrigerant enters the cooling coil through an expansion device, cooling the air by condensation. DX systems are common in commercial buildings (hotels, offices, collective housing) and offer reliability, ease of maintenance, and can be used for heating.
Conversely, chilled water systems utilize chilled water as the heat transfer medium, distributing it throughout the building. Water's superior heat transfer capabilities and ability to travel long distances make it advantageous, especially for larger buildings or campuses, as well as process cooling. Inside buildings, chilled water air-handling units or fan coil units with chilled water coils are used, typically appearing in buildings that need high capacities for cooling and heating.
Copyrights pictures: Daikin
About
Daikin Europe N.V.
The Daikin Europe Group is a leading provider of heating, cooling, ventilation, air purification and refrigeration (HVAC-R) technology in Europe, Middle East, and Africa. Daikin Europe caters to a diverse customer base within this region by designing, manufacturing, and marketing an extensive range of products, maintenance services, and turnkey solutions tailored for residential, commercial, and industrial applications. The company employs over 13,800 employees through 58 subsidiaries and operates 15 manufacturing sites in Europe (12), Turkey (1) and the Middle East (2). Daikin’s refrigeration products are available under the Daikin, Tewis, Zanotti, Hubbard, and AHT brands. Headquartered in Ostend, Belgium, for over 50 years, the Daikin Europe group is a subsidiary of the global group Daikin Industries.
Read more on www.daikin.eu
Daikin Industries Ltd.
Daikin Industries (DIL) is a global leader in heat pump, air conditioning and air filtration technology. The company employes over 100,000 employees worldwide. Founded in Osaka in 1924, it is the only manufacturer in the world that develops and manufactures heating, ventilation, air conditioning, and refrigeration equipment, as well as compressors and refrigerants in-house. Daikin was named one of the world’s top 100 most innovative companies by Clarivate (UK) and LexisNexis (USA), recognized for its leadership in technology research and intellectual property patents. For its fiscal year 2024 Daikin reported a record sales result of € 28,98 billion sales (1 April 2024 – 31 March 2025).
Read more on www.daikin.com
Daikin Airconditioning Central Europe
Daikin Airconditioning Central Europe, founded in 1999 with its headquarters in Vienna, Austria, operates as a subsidiary of Daikin Europe. Its portfolio includes products and total solutions for heating, cooling, ventilation, air purification, and refrigeration in residential, commercial, and industrial settings. With over 700 employees and 3,400 partners, the company manages sales and service activities across 16 countries in Central and Eastern Europe, including Austria, Albania, Bosnia and Herzegovina, Bulgaria, Croatia, the Czech Republic, Hungary, Kosovo, Montenegro, Moldova, North Macedonia, Poland, Romania, Serbia, Slovakia, and Slovenia. With 'Your Daikin World' at the Vienna headquarters and the 'Daikin Inspiration Park,' the HVAC-R industry and the construction sector have access to two state-of-the-art B2B-experience centers for co-creating tailor-made solutions for hotels, retail, offices, and large commercial applications. Across the CE-region Daikin runs 10 out of 116 B2B-trainings centers across Europe. Consumers and homeowners receive consultations at four B2C-Experience centers in Vienna, Belgrade, Bratislava and Budapest.
Read more on www.daikin-ce.com
Media Contacts Daikin Europe N.V.
Sofie Sap – T.: +32 472 580482 Mail: sap.s@daikineurope.com
Daisuke Kakinaga – T.: +32 465 462321 Mail: kakinaga.d@bxl.daikineurope.com
Media contact Daikin Central Europe
Doris Passler – T: +43 (0) 664 24 56 444 Mail : passler.d@daikin.at
